Developer says affordable senior housing won’t move forward without $2.5M MCDC support
Palladium asked the McKinney Community Development Corporation for a $2.5 million project grant to close a funding gap for a 109-unit McKinney Ranch Senior Living development, saying the $34 million project needs the MCDC contribution to proceed; board members asked about impact fees, alternatives and long-term affordability controls.
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Taylor Thomas, a representative of Palladium USA, told the McKinney Community Development Corporation during a public hearing that his firm needs a $2.5 million project grant from MCDC to build McKinney Ranch Senior Living, a 109-unit community with 72 units set aside at or below 60% of area median income.
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